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Economiesuisse, the Swiss business federation, has dismissed US claims of forced labour against Switzerland as “completely unfounded”. While the latest tariff threats from Washington would weigh on Swiss firms, the group said they were less severe than earlier rounds of punitive duties.
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Economiesuisse chief economist Rudolf Minsch told a media conference on Wednesday that Swiss law clearly prohibits forced labour, adding: “Switzerland has done its homework.”
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US threatens Switzerland with new tariffs over forced labour imports
The new tariff threats from Washington came as no surprise, Minsch said. Economiesuisse had expected the administration of US President Donald Trump to look for new ways to keep some tariffs in place. He said this was an attempt to replace duties that had previously been imposed under emergency law but were later struck down by the US Supreme Court.
US tariff threats ‘no major shock’ for Swiss firms
The current threat of 12.5% punitive tariffs on Switzerland is not a major shock for Swiss firms, Minsch said. He added that the difference compared with the 10% tariffs proposed for the EU was “not really a game-changer”.
Swiss companies could absorb the extra 2.5 percentage points over time, find other ways to offset the cost, or ultimately pass it on to customers.
The situation is very different from last year. At the time, Trump imposed tariffs of 39% on Switzerland, while the EU faced 15%. “That was the real blow,” Minsch said, adding that such wide gaps are almost impossible to compensate for.
Feedback from companies suggests it would be extremely helpful to know what the rules will be over the next three years. Minsch said certainty is more important than a tariff gap of 2.5 percentage points. With a clear outlook, he added, firms would be able to adapt.
Translated from German by AI/sp
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